Second Round of ConsenSys Cuts Far Less Painful, Says Insider

ConsenSys announced on Jan. 4 that it would be cutting the company’s headcount by 14%. This comes after a similar round of painful layoffs in December 2018. Although the crypto community has been quick to help those affected, Ether’s current market behavior may have smoothed over the latest contraction at the firm.

More Cuts, Fewer Tears

In December 2018, ConsenSys let go of a swath of employees and sparked rumors that the blockchain upstart was headed for dire straits.

Meanwhile, the crypto market, including assets like Ether, was still riding out a brutal crypto winter. 

After peaking in January 2018 at just over $1,300, ETH tumbled below $90 around the time of the first cuts. ConsenSys eventually posted a memo on Medium that read “the sky is not falling,” which outlined the reasoning behind the shift.

The two events rattled the broader crypto community. María Paula, the communications lead at Golem, told Crypto Briefing that ConsenSys’ poor execution also aggravated the…